From the ASX document: Suspension from quotation Previously,...

From the ASX document:

Suspension from quotation

Previously, where a listed entity announced a backdoor listing, ASX allowed the entity to continue trading up to the day on which its shareholders were asked to approve the transaction.  If approved, the entity’s securities were suspended until it re-complied with the ASX’s admission and quotation requirements.  ASX has amended this policy, with immediate effect, so that the entity’s securities will be suspended from the time of the announcement of the proposed transaction and will remain suspended until the entity has re-complied with the ASX’s admission and quotation requirements.
This amendment brings backdoor listings into line with IPOs, which can only trade if they are in compliance with the ASX’s admission and quotation requirements under Chapters 1 and 2 of the ASX Listing Rules.  The amendment removes a number of advantages of the backdoor listing process in that the listed entity can no longer gauge market reaction to the announcement of the transaction by virtue of a change to its share price, nor will it have the benefit of any increase in value perceived from the transaction when undertaking a fundraising in conjunction with the transaction.